Construction Market Quarterly Update contains data from Fourth Quarter of 2023, in which the Philippine Gross Domestic Product (GDP) posted a growth of 5.6 percent.
Construction recorded growth of 8.5 percent during the period, compared with the 6.2 percent growth in the same quarter of the previous year. The surge in construction activity was driven by the increase in approved building permits. Residential Buildings still reported the highest number of 23,009 constructions or 66.4 percent of the total number of constructions during the quarter.
The majority of the total residential constructions were single-type houses with 19,200 projects. Meanwhile, non-residential constructions with 7,607 projects, or 21.9 percent ranked second during the quarter.
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